Or. Admin. R. 123-630-0020 - Credit Allowance
(1) A
person or entity that makes a qualified equity investment shall, at the time of
investment, earn a vested credit against the taxes otherwise due under ORS
chapter 316, 317 or 318.
(2) The
total amount of the tax credit available to a taxpayer under this section shall
equal 39 percent of the purchase price of the qualified equity investment. The
applicable percentage is zero percent for years 1 and 2, seven percent for year
3 and eight percent for years 4, 5, 6 and 7. A tax credit allowed under this
section may not be sold or transferred, with the exception that tax credits
that a partnership, limited liability company, S corporation or other
pass-through entity is entitled to claim may be allocated to the partners,
members or shareholders of the entity for their direct use in accordance with
the provisions of any agreement among the partners, members or shareholders.
(3) The holder of a qualified
equity investment or any partner, member or shareholder of such holder pursuant
to subparagraph 2 above on a particular credit allowance date of the qualified
equity investment may claim a portion of the tax credit against its tax
liability for the tax year that includes the credit allowance date equal to the
applicable percentage for that credit allowance date multiplied by the purchase
price of the qualified equity investment.
(4) The credit allowed under this section may
not exceed the tax liability of the taxpayer claiming the credit for the tax
year in which the credit is claimed.
(5) For qualified low-income community
investments made, any tax credit otherwise allowable under this section that is
not used by the taxpayer in a particular tax year may be carried forward and
offset against the taxpayer's tax liability in any succeeding tax year. Any
credit remaining in the next succeeding tax year may be carried forward and
used in the second succeeding tax year. Any credit remaining unused in the
second succeeding tax year may be carried forward and used in the third
succeeding tax year. Any credit remaining unused in the third succeeding tax
year may be carried forward and used in the fourth succeeding tax year. Any
credit remaining unused in the fourth succeeding tax year may be carried
forward and used in the fifth succeeding tax year, but may not be used in any
tax year thereafter. For qualified low-income community investments made prior
to January 1, 2014, any tax credit otherwise allowed under this section that is
not used by the taxpayer in a particular tax year may be carried forward and
offset against the taxpayer's tax liability in any succeeding tax
year.
Notes
Stat. Auth.: ORS 315.526 - 315.536
Stats. Implemented: ORS 315.526 - 315.536, ORS 316, 317 or 318
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.